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Mathematics 16 Online
OpenStudy (oleg3321):

Please Help.

OpenStudy (oleg3321):

Keisha's parents want to save twenty thousand dollars in her college savings account over the next twenty years. They have eight thousand dollars to use as an initial deposit. What simple annual interest rate do they need to meet their goal? Round your answer to the nearest tenth. two percent three point three percent seven point five percent nine percent

OpenStudy (oleg3321):

@MARC_D

MARC (marc_d):

Use this formula

MARC (marc_d):

\[20000=8000(1+\frac{ 20R }{ 100 })\]

OpenStudy (rolldextro):

Interest rate at 7.5 will yield the 20K

MARC (marc_d):

Solve the value of R

MARC (marc_d):

\[\frac{ 20000 }{ 8000 }=(1+\frac{ 20R }{ 100 })\]

MARC (marc_d):

\[2.5=(1+\frac{ 20R }{ 100 })\]\[2.5-1=\frac{ 20R }{ 100 }\]

MARC (marc_d):

\[1.5=\frac{ 1\cancel{20}R }{ 5\cancel{100} }\]

OpenStudy (oleg3321):

1.5=\[\frac{ r }{ 5 }\]

MARC (marc_d):

\[1.5\times5=R\]

MARC (marc_d):

\[R=?\]

OpenStudy (oleg3321):

R=7.5. Thank you

MARC (marc_d):

yes,that's correct!

MARC (marc_d):

yw!

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